Nigerian Stock Market Surges By 4.3% To Close October Amid Economic Uncertainties

Equities trading on the Nigerian Exchange Limited (NGX) defied economic headwinds to close the month of October on a high note.

Investors’ confidence soared, bolstered by favorable policies and a robust earnings season, culminating in a bullish market that saw wealth creation opportunities and an impressive capital infusion.

In a boost to the market, the listing of 190 million units of shares of the Group at N244.88 per share injected N46.527 billion into the NGX’s market capitalization, fueling liquidity and enticing investors to explore new avenues for wealth generation.

The NGX All-Share Index displayed resilience, appreciating by 4.3% to conclude October at 69,236.19 index points. This surge marked a year-to-date return of 35.09% growth.

Despite a landscape fraught with concerns such as rising inflation, interest rate hikes, volatile exchange rates, and uncertainty surrounding the 2023 general elections, investor confidence remained unwavering, resulting in an upswing of buying activity.

The market’s performance throughout October has been nothing short of impressive. The All-Share Index, which gauges the performance of Nigerian stocks, commenced the month at 66,382.14 index points and concluded at 69,236.19 points, reflecting a gain of 2,854.05 basis points or 4.3%.

Further analysis of market activities revealed an increase in the NGX’s market capitalization, which started the trading year at N36.331 trillion and surged to N38.038 trillion by the end of October. This month-to-date gain amounted to approximately N1.707 trillion.

In a market landscape laden with uncertainties and political speculation, Nigerian investors have displayed a vote of confidence, driving the stock market to levels of growth not seen in recent years.

Emmanuel Ochayi

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Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.

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